Netflix announces that about 10 billion yen will be provided to support the black community

As part of its commitment to race equity, Netflix has announced that it will allocate 2% of its cash to financial institutions and organizations that support the American black community. Initially, the upper limit is 100 million dollars (about 10 billion yen). Already Netflix CEO Reed Hastings and his wife Patty Quirin have donated $120 million to a historic

Netflix makes $100 million commitment to support Black communities
https://www.cnbc.com/2020/06/30/netflix-makes-100-million-commitment-to-support-black-communities.html

According to the Federal Reserve , 19% of black families have no or no assets. This is more than double the rate of white families.

And, according to the Federal Deposit Insurance Corporation , black-owned and led bank assets account for only 1% of all American banks. These banks have been striving for decades to improve their communities, but they are at a disadvantage due to lack of capital.

For this reason, Netflix decided to take steps to recapitalize the black community.

As a first step, 25 million dollars (about 2.5 billion yen) out of 100 million dollars will be transferred to the newly established fund called 'Black Economic Development Initiative'. The fund is run by the Local Initiatives Support Corporation (LISC), a non-profit organization with a proven track record of developing underdeveloped communities, and black financial institutions that serve low- and middle-income communities and the United States. Invest in a domestic black community developer.

Also, 10 million dollars (about 1 billion yen) is not receiving sufficient services in the southern United States through the Hope Credit Union, which is working to reduce the gap created by race, gender, birthplace, assets, etc. It will be used to promote economic opportunities in the community.

Netflix describes the money it spends on this plan as '$100 million initially' but '2% of the cash it holds' as more Netflix grows in the future. He said he plans to provide money.

Netflix is calling for other companies to do the same. Netflix estimates that if all companies used in the S&P 500 stock price index do the same, even if '1% of cash held' is $20 billion to $30 billion. It will be (about 3 trillion yen) in scale, and concludes, 'It will pave the way for a more prosperous black community and a more equitable future.'